Please Define the Following Key Terms

question 62

Short Answer

Please define the following key terms.
-Francois Quesnay

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Definitions:

Private Ownership

The legal right held by individuals or corporations to have exclusive control over and use of property, assets, or commodities.

Opportunity Cost

Opportunity cost is the value of the next best alternative forgone as the result of making a decision.

Henry George

A 19th-century economist known for his belief that people should own the value they produce themselves, but that land and natural resources should belong to all (Georgism).

Allocative Efficiency

A state of resource allocation in which it is impossible to make any one individual better off without making at least one individual worse off.